Venus Metals has pounced on a hefty 546 square kilometres of exploration ground prospective for nickel, copper, platinum group elements, gold and rare earths in the renowned Gascoyne region of Western Australia. Two of the new licences, one granted and one under application, adjoin tenure hosting a 1km-long outcropping structure where rock chip samples have returned 1 per cent copper and 0.6 per cent nickel.
The neighbouring ground is being worked under a farm-in agreement between Dreadnought Resources and First Quantum Minerals, who are targeting nickel-copper-platinum-palladium mineralisation associated with the mafic-ultramafic ‘Money Intrusion’.
The farm-in involves some serious exploration spending with First Quantum needing to outlay $15 million to earn 51 per cent in the venture.
The outcropping structure, which also delivered rock chip samples of 0.04 per cent cobalt and 0.3 grams per tonne combined platinum-palladium-gold, lies in the northern part of the Money Intrusion only 3km from Venus’ new ground.th.